Investment
Insurance
Superannuation
These benefits are included as standard for any building or contents policies. To help you understand what’s covered by landlord protection insurance, we have detailed the main benefits along with an example to demonstrate what this could mean to you.
| Benefit | What this could mean to you |
|---|---|
|
Loss of rent due to damage by an insured event |
The house next door to your investment property is partially burned and there is a danger that it may collapse onto your property. Your tenants are prohibited from accessing the property for 6 months. The loss of rent for this period is covered up to $52,000. |
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Loss of rent due to rent default |
Your tenant unexpectedly vacates with 6 months remaining on the lease. Loss of rent up to $5,000 after deducting any bond entitlements is covered. |
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Loss of rent due to death of sole tenant |
Your tenant unexpectedly passes away in the first month of the lease. The loss of rent for a two week period is covered up to $2,000. |
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Legal costs |
Your tenant stops paying rent and you incur legal expenses of $5,000 in having the tenant evicted. This amount is covered. |
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Tenant damage as a result of deliberate or intentional acts, or vandalism or malicious damage |
Your investment property is all but destroyed by your tenant who uses the rear patio, floors boards, kitchen and bathroom cupboards to fuel a bonfire in the backyard. The repair or replacement cost is covered after deducting any bond entitlements. |
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Theft by a tenant or their visitors |
Your tenant leaves without notice and steals your washing machine. We will cover the replacement cost of a new one. |
In addition to the above tenant damage and rental income protection benefits, and to help you understand what’s covered we have detailed the main benefits, along with an example to demonstrate what this could mean to you.
| Benefit | What this could mean to you | Building | Contents |
|---|---|---|---|
|
Full building replacement - underinsurance protection |
Your investment property which is insured for $200,000 is destroyed by fire and needs to be rebuilt from scratch. Upon lodging a claim, the rebuilding costs are estimated to be $250,000. We will cover the difference and rebuild for $250,000. |
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Rebuilding fees* |
Your investment property is destroyed by fire. Your professional fees, within reasonable limits, are covered and paid in addition to the rebuilding cost. |
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Demolition and removal of debris* |
Your investment property is destroyed by fire. The cost of demolition and debris removal, within reasonable limits, is covered and paid in addition to the rebuilding cost. |
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Pay by the month at no extra charge |
You may find it difficult to pay for your insurance in a single annual premium, why not pay by the month at no extra charge. |
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Natural events – storm, rainwater, wind (except flood), landslide or subsidence |
Buildings - Following a storm the 14 year old fence blows down on your investment property. The repair cost is covered. |
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Accidental glass breakage |
Buildings - A cricket ball flies through the kitchen window. The repair cost or replacement of glass is covered. |
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Impact damage |
The television antenna mounted on the roof of your investment property falls over and damages your roof. The repair cost is covered. |
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Electrical motor burnout (fusion) & power surge |
The motor in your 14 year old inbuilt air conditioner burns out. The cost of repairing or replacing is covered. |
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Replacement of locks and keys |
Your tenants do not hand back the keys after they have moved out. The cost of new locks and keys are covered. |
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Trees, plants and shrubs |
Your newly planted trees are stolen from your front garden. The replacement costs are covered up to $1,500. |
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Water or liquid damage |
The pipes leading to the dishwasher develop a leak and damage the floor boards in the living room. The cost of replacing the ruined floor boards is covered. |
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Sale of your rental property |
You sell your investment property with a two month settlement period. During this period your building remains insured. |
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Personal liability |
Up to $20 million to meet legal liabilities associated with injuries to people, as a result of any defects in the building. |
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Individual contents covered up to the sum insured |
A BBQ worth $2,000, which has been supplied for tenant use at your investment property, is stolen. The replacement cost is covered. |
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New for old replacement regardless of age |
The Venetian blinds throughout your investment property are stolen. The replacement of the blinds with an equivalent new item is covered. |
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Theft of contents by tenant or their visitors |
During the investment property inspection you notice your tenant has stolen a number of items including the curtains, outdoor table and chairs. The replacement costs of these items are covered. |
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Theft of contents |
Your investment property is broken into and your curtains and washing machine are stolen. These items are covered. |
* If the buildings needs to be rebuilt as a result of a total loss which we have agreed to cover.
To understand more about the terms and conditions for each Landlord buildings and contents insurance benefit please refer to the Product Disclosure Statement (228kb PDF), alternatively read our quick reference guide to ING’s Landlord Insurance.
Home, car, travel and landlord insurance products are underwritten and issued by ING General Insurance Pty Limited (ABN 56 072 892 365, AFSL 288 160) (ING General Insurance) and QBE Insurance (Australia) Limited (ABN 78 003 191 035, AFSL 239545) (QBE). The material provided is general advice and does not take into account your personal objectives, financial situation and needs and you should consider whether it is appropriate for you. Please refer to the relevant Product Disclosure Statement (228kb PDF) for further details.
